The world's largest cryptocurrency, Bitcoin (BTC), has suffered multiple blows in the past 24 hours, leading to a decline in its index. Due to issues related to withdrawals on Binance, market volatility has increased, and Bitcoin prices have lost their key support level of $28000
The world's largest cryptocurrency, Bitcoin (BTC), has suffered multiple blows in the past 24 hours, leading to a decline in its index. Due to issues related to withdrawals on Binance, market volatility has increased, and Bitcoin prices have lost their key support level of $28000.
Will the decline in Bitcoin prices continue?
According to data, the price of Bitcoin has decreased by 3.6% in the past 24 hours, resulting in a market value loss of approximately $20 billion. This decline comes as the world's largest cryptocurrency exchange presents its latest views. Binance suspended withdrawals from Bitcoin for several hours, claiming that the transaction volume was huge and processing costs skyrocketed.
Bitcoin's 24-hour trading volume decreased by 4% to $14 billion. At present, BTC trades at an average price of $27960, reaching its lowest price in the past week.
BTC.com reported that the transaction cost of Bitcoin network is said to have exceeded 403.91 BTC. Since the end of April, this trend has been continuously increasing (compared to the daily transaction fee of 21.89 BTC recorded on April 8th).
However, data shows that the BTC network has not been able to generate blocks for nearly an hour. According to detailed information, the latest block 788759 exploded around 14:58:52.
Liquidation default of $148 million
According to Coinglas data, approximately 63235 traders have been forced to close their positions in the past 24 hours, with a total clearing amount of $148.8 million.
The clearing amount of Bitcoin is $35.3 million. It is worth noting that $26.22 million (88%) of long positions were forcibly closed. This indicates that traders expect Bitcoin prices to rise.
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